NZ dollar's wings clipped, RBNZ tipped to go 50bps

NZ dollar's wings clipped, RBNZ tipped to go 50bps

The kiwi was trading at US62.16c late Friday in Wellington, having shed about 2% over the week. (Image: Deposit Photos)

Mon, 07 Oct 2024

The Reserve Bank is now widely expected to cut the Official Cash Rate by 50 basis points next Wednesday, which is one factor weighing on the New Zealand dollar. The kiwi was trading at US62.16c late Friday in Wellington, having shed about 2% over the week. Middle EastEscalating tensions in the Middle East, however, are playing a much bigger part as investors flock to the safe-haven greenback. The US dollar index gained 0.2% overnight on Thursday and is at a six-week high. The Official Cash Rate (OCR) is now at 5.25% and the RBNZ...

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